Nigeria has officially slid into its another recession, according to the Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS) on Saturday, November 21.
The nation recorded a contraction of 3.62 percent in the third quarter of 2020. The development was blamed on the coronavirus pandemic and the crash in the global oil price.
However, Nigeria is not the only country that has slipped into recession, according to a report by The Cable.
The newspaper, citing data from S&P, reported that only China, Chile, and Sweden did not report a recession among the 34 economies in the world with a GDP of more than $200 billion.
The 40 countries listed below are those currently experiencing a recession, according to The Cable.
- United States
- United Kingdom
- South Africa
- Czech Republic
- South Korea
- Hong Kong
Earlier, Legit.ng reported that Atiku Abubakar, Nigeria's former vice president, said Nigeria's recession could have been avoided if President Muhammadu Buhari had heeded the advice given by him and other Nigerians.
Atiku said the recession could have been avoided if the Buhari-led government had taken three key steps he advised.
The steps the federal government failed to take which led to the recession, according to Atiku, include cutting the cost of governance, saving for a rainy day and avoiding profligate borrowing.
In another report, Nigerians might be in for a hard time as the nation's economy is under serious pressure.
This is as a result of the poor earnings from oil and non-oil sectors. According to the minister of state for petroleum resources, Timipre Sylva, the earnings for the country have dropped by 60%.
The minister made this known to journalists after a closed-door meeting with President Muhammadu Buhari at the State House, Abuja, on Monday, November 16.
Minister of industry says economy is improving; Nigerians disagree | - on Legit TV